Press Release

DBRS Morningstar Upgrades Five Classes of VNDO 2012-6AVE Mortgage Trust

CMBS
April 06, 2022

DBRS, Inc. (DBRS Morningstar) upgraded the ratings on five classes of Commercial Mortgage Pass-Through Certificates, Series 2012-6AVE issued by VNDO 2012-6AVE Mortgage Trust as follows:

-- Class X-B to AAA (sf) from AA (sf)
-- Class B to AAA (sf) from AA (low) (sf)
-- Class C to AAA (sf) from A (low) (sf)
-- Class D to AAA (sf) from BBB (sf)
-- Class E to AAA (sf) from BBB (low) (sf)

In addition, DBRS Morningstar confirmed the ratings on the remaining classes as follows:

-- Class A at AAA (sf)
-- Class X-A at AAA (sf)

All trends are Stable.

The underlying loan was fully defeased in December 2021 and the loan is now collateralized by U.S. Government Securities. As such, the upgrades to Classes B, X-B, C, D, and E are based on DBRS Morningstar’s AAA rating for the United States of America, which was most recently confirmed on October 15, 2021. According to the March 2022 remittance report, the loan reported a balance of $950 million and is scheduled to mature in August 2022.

ESG Considerations
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Classes X-A and X-B are interest-only (IO) certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest-rated applicable reference obligation tranche adjusted upward by one notch if senior in the waterfall.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

DBRS Morningstar provides updated analysis and in-depth commentary in the DBRS Viewpoint platform for this transaction.

The DBRS Viewpoint platform provides additional information on this transaction and underlying loans including DBRS Morningstar metrics, commentary, servicer-reported cash flows, and other performance-related data.

For complimentary access to this content, please register for the DBRS Viewpoint platform at www.viewpoint.dbrsmorningstar.com. The platform includes issuer and servicer data for most outstanding CMBS transactions (including non-DBRS Morningstar rated), as well as loan-level and transaction-level commentary for most DBRS Morningstar-rated and -monitored transactions.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is North American CMBS Surveillance Methodology (March 4, 2022), which can be found on dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

DBRS Morningstar notes that it did not run a risk sensitivity analysis for this transaction as the collateral has been fully defeased.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

DBRS, Inc.
140 Broadway, 43rd Floor
New York, NY 10005 USA
Tel. +1 212 806-3277

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.